Medtronic (MDT) Q2 FY2026 earnings: revenue $9.0 billion, up 6.6% on the year

Medtronic plc (MDT) reported revenue of $9.0 billion for Q2 FY2026, the quarter ended 24 October 2025, up 6.6% on the same quarter a year earlier. Net income was $1.4 billion, up 8.2% on the year, and diluted earnings per share $1.07. The figures are the company's own, from the 10-Q it filed with the SEC on 25 November 2025.

Revenue

$9.0 billion

+6.6% on the year · +4.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.8%

19.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.4 billion

+8.2% on the year · +32.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.07

+8.1% on the year · +32.1% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed, 1 kept.

Revenue grew 5.5% organically: Revenue was $8.961 billion, up 6.6% as reported and 5.5% organic. Management said revenue was 75 basis points above the guidance midpoint.
Non-GAAP EPS rose 8%: Non-GAAP diluted EPS was $1.36 and GAAP diluted EPS was $1.07, both up 8% from a year earlier. Management said non-GAAP EPS was above guidance.
Organic revenue guidance raised: FY26 organic revenue growth guidance was raised to approximately 5.5% from approximately 5.0%, following first-half outperformance cited by the CFO.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	8,961	8,578	8,403	+4.5%	+6.6%
Cost of revenue	3,061	3,001	2,946	+2.0%	+3.9%
Gross profit	5,900	5,577	5,457	+5.8%	+8.1%
Gross margin	65.8%	65.0%	64.9%
Research and development	754	726	697	+3.9%	+8.2%
Selling, general and administrative	2,965	2,806	2,757	+5.7%	+7.5%
Operating income	1,686	1,445	1,595	+16.7%	+5.7%
Operating margin	18.8%	16.8%	19.0%
Interest expense	181	176	209	+2.8%	-13.4%
Pre-tax income	1,597	1,302	1,559	+22.7%	+2.4%
Income tax	215	255	281	-15.7%	-23.5%
Effective tax rate	13.5%	19.6%	18.0%
Net income	1,374	1,040	1,270	+32.1%	+8.2%
Net margin	15.3%	12.1%	15.1%
Diluted EPS	$1.07	$0.81	$0.99	+32.1%	+8.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	925	1,088	958	-15.0%	-3.4%
Capital expenditure	468	504	404	-7.1%	+15.8%
Free cash flow	457	584	554	-21.7%	-17.5%
Free cash flow margin	5.1%	6.8%	6.6%
Cash from investing	-482	-719	-345
Cash from financing	-395	-1,381	-534
Depreciation and amortisation	745	748	675	-0.4%	+10.4%
Share-based compensation	182	86.0	159	+111.6%	+14.5%
Buybacks	372	123	288	+202.4%	+29.2%
Dividends paid	910	910	897	0.0%	+1.4%
Dividend per share	$0.71	$0.71	$0.70	0.0%	+1.4%
Diluted shares, weighted	1,288m	1,287m	1,287m	+0.1%	+0.1%
Shares outstanding at period end	1,282m	1,282m	1,283m	+0.0%	-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	48,652	47,893	48,494	+1.6%	+0.3%
Non-controlling interest	204	240	222	-15.0%	-8.1%
Debt	29,100	28,609	28,326	+1.7%	+2.7%
Finance lease liabilities	55.0	51.0	50.0	+7.8%	+10.0%
Other liabilities	13,335	14,179	12,950	-6.0%	+3.0%
Total liabilities and equity	91,346	90,972	90,042	+0.4%	+1.4%
Fixed assets	7,164	7,006	6,438	+2.3%	+11.3%
Goodwill	41,811	42,007	41,161	-0.5%	+1.6%
Intangible assets	10,770	11,223	12,423	-4.0%	-13.3%
Investments	7,045	6,848	6,595	+2.9%	+6.8%
Cash and equivalents	1,282	1,273	1,394	+0.7%	-8.0%
Receivables	6,389	6,263	6,260	+2.0%	+2.1%
Inventory	6,156	5,886	5,479	+4.6%	+12.4%
Other assets	10,729	10,466	10,292	+2.5%	+4.2%
Total assets	91,346	90,972	90,042	+0.4%	+1.4%

Questions

What was Medtronic's revenue in Q2 FY2026?

Medtronic (MDT) reported revenue of $9.0 billion for Q2 FY2026, the quarter ended 24 October 2025, up 6.6% on the same quarter a year earlier.

How much did Medtronic earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.4 billion, up 8.2% on the year, and diluted earnings per share $1.07.

When did Medtronic report Q2 FY2026 results?

Medtronic filed its 10-Q for the quarter ended 24 October 2025 with the SEC on 25 November 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	7,847	7,763	8,089	7,371	7,585	7,727	8,544	7,702	7,984	8,089	8,589	7,915	8,403	8,292	8,927	8,578	8,961	9,017	9,808	9,756
Cost of revenue	2,497	2,459	2,591	2,516	2,535	2,689	2,979	2,628	2,761	2,782	3,045	2,761	2,946	2,779	3,146	3,001	3,061	3,261	3,398	3,416
Gross profit	5,350	5,304	5,498	4,855	5,050	5,038	5,565	5,074	5,223	5,307	5,544	5,154	5,457	5,513	5,781	5,577	5,900	5,756	6,410	6,340
Gross margin	68%	68%	68%	66%	67%	65%	65%	66%	65%	66%	65%	65%	65%	66%	65%	65%	66%	64%	65%	65%
R&D	676	668	652	692	676	688	640	668	698	695	674	676	697	675	684	726	754	722	671	771
SG&A	2,615	2,561	2,569	2,567	2,617	2,615	2,616	2,613	2,686	2,673	2,764	2,655	2,757	2,717	2,720	2,806	2,965	2,956	3,057	3,198
Operating income	1,563	1,659	1,671	1,125	1,404	1,392	1,564	1,268	1,340	1,483	1,053	1,278	1,595	1,646	1,436	1,445	1,686	1,464	1,872	1,764
Operating margin	20%	21%	21%	15%	19%	18%	18%	16%	17%	18%	12%	16%	19%	20%	16%	17%	19%	16%	19%	18%
Interest expense	136	137	143	164	118	167	187	148	180	188	203	167	209	179	174	176	181	181	177	186
Pre-tax income	1,493	1,589	1,602	1,044	1,395	1,375	1,550	1,196	1,313	1,472	856	1,268	1,559	1,540	1,261	1,302	1,597	1,404	1,833	1,769
Tax rate	12%	7%	7%	11%	69%	11%	23%	33%	31%	9%	23%	17%	18%	15%	16%	20%	13%	18%	31%	16%
Net income	1,311	1,480	1,485	929	427	1,222	1,180	791	909	1,322	654	1,042	1,270	1,294	1,056	1,040	1,374	1,143	1,244	1,470
Net margin	17%	19%	18%	13%	6%	16%	14%	10%	11%	16%	8%	13%	15%	16%	12%	12%	15%	13%	13%	15%
Diluted EPS	$0.97	$1.10	$1.10	$0.70	$0.32	$0.92	$0.88	$0.59	$0.68	$0.99	$0.49	$0.80	$0.99	$1.01	$0.82	$0.81	$1.07	$0.89	$0.96	$1.14
Operating cash flow	1,769	2,228	2,057	1,083	922	1,574	2,460	875	661	2,474	2,777	986	958	2,572	2,528	1,088	925	2,744	2,573	1,793
Capital expenditure	271	330	389	426	323	332	378	354	461	346	426	520	404	476	459	504	468	444	488	503
Free cash flow	1,498	1,898	1,668	657	599	1,242	2,082	521	200	2,128	2,351	466	554	2,096	2,069	584	457	2,300	2,085	1,290
Buybacks	429	394	1,406	336	141	71.0	97.0	152	226	132	1,628	2,492	288	181	274	123	372	105	435	267
Dividends paid	847	847	843	903	904	904	905	918	918	917	913	898	897	897	897	910	910	911	908	921
Shares outstanding	1,345m	1,343m	1,331m	1,329m	1,330m	1,330m	1,331m	1,330m	1,330m	1,330m	1,311m	1,282m	1,283m	1,283m	1,282m	1,282m	1,282m	1,283m	1,280m	1,280m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 24 October 2025, filed 25 November 2025: the filing.